Now what

Frontier's share prices have plunged 77% lower over the last 52 weeks, so the dividend remains generous with an effective forward-looking yield of 14% -- even after May's 60% payout cut.

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That being said, even the new, low payout must be fed with nearly $300 million of cash per year. Frontier's trailing free cash flows stand at $560 million right now, leaving little room for management's planned debt reduction strategy once the dividend checks have been mailed.

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